POSB Bank Singapore: History, Breakthroughs and 8 Facts You Should Know!

Did you ever think about the story behind POSB Bank Singapore? 

Did you know the bank has had a massive part in Singapore’s deep and rich history?

From its iconic and unique logo and its undeniable widespread presence, the POSB Bank has captivated many hearts of Singapore’s community.

Thus, get on this ride and take a trip down memory lane as you uncover the history, breakthroughs, and eight fantastic facts which helped make POSB among the most beloved financing institution in Singapore.

POSB Bank Singapore’s Historical Background

Once upon a time, back in 1877, the birth of the “People’s Bank” happened. Thus, the bank itself is one of the region’s oldest banks.

Did you know that POSB was initially established as the Post Office Savings Bank? 

Yes, it was! The bank’s operations and functions are designed to offer accessible savings accounts to Singapore’s working masses. Can you imagine the feeling of knowing a bank’s service was created with you, the average yet significant citizen, in mind?

Upon its founding history, POSB evolved over the years. From the simple provisions of a savings account, it expanded over time to incorporate personal loans, investments, insurance, and more! Think of it like a seed growing massively into a full-pledged tree, providing shelter and upkeep to many.

From 1877 came 1998, when a monumental event happened in the banking industry. DBS Bank acquired POSB Bank Singapore. The grand union formed the mighty river of banking force that continues to supply high-quality monetary services in Singapore today.

POSB Bank Singapore Monumental Breakthroughs

POSB was like a caterpillar, metamorphosing into a glorious butterfly. Its evolution was evident from offering simple savings accounts to proceeding with a comprehensive array of banking services. 

So, you can feel the assurance that the financial institution can evolve and adapt to meet your changing needs.

As its transition continued, it didn’t take long before POSB merged with DBS Bank in Singapore. It was considered a historical union back in 1998, as it signified the converging of two mighty rivers, building a formidable force in the financing world. 

POSB Bank Singapore’s 8 Fantastic Facts

POSB Bank had a lot of chapters in its story! You might find these fantastic facts beyond fascinating! Let’s help you dive deeper into POSB Bank’s history and breakthroughs.

Fact 1:  The “People’s Bank”

What is the “People’s Bank”?

Was it a mere moniker?

The truth is, it isn’t. From its establishment in 1877,  POSB Bank’s primary creation has been to serve Singaporeans daily. Over the years, the bank has stayed true to the enterprise’s roots, supporting community developments and encouraging economic literacy to both old and young. 

Fact 2: POSB Bank Singapore’s Post Office Connection

Yes, it’s a fact! The Singapore Post Office and POSB are initially linked, hence the origin of its name, the “Post Office Savings Bank”.

Post offices were among the essential means of communication and trusty courier back then. The association with the Postal Services Department for the Straits Settlements thus made it a more familiar and reliable institution among Singapore’s people and community. 

The combination of POSB and post office connection was relevant in ensuring continued communication ties and banking services in one. 

Fact 3: POSB Bank Singapore: The Singaporean’s Choice

Have you ever wondered if POSB Bank Singapore is a renowned financial institution?

There’s a high chance that POSB would possibly win. In truth, POSB Bank savings has much coverage regarding accounts based on adult Singaporeans. It’s about 95%!

It also includes many children and students. Thus, proving POSB does have a considerable influence and success with its prime mission to educate and encourage the habit of saving.

Fact 4: Motivating Young Savers

Financial literacy is critical in these times, especially when children grow faster. Kids and young adults these days understand the importance of money but need guidance on managing their finances at a young age.

The POSB Bank Singapore always concentrates on fostering a financially literate society. As a result, the bank brought about its “The POSB National School Savings Campaign”.

The campaign’s concept is to motivate the younger generations to save their pocket money and use it only when necessary. Parent can assist their children by quickly increasing their allowances via a mobile app. 

For every saving, the children acquire a Smiley Stamp! Would that bring a smile to your little one’s face?

Fact 5: POSB Bank Singapore’s PAssion Card

Do you enjoy rewards cards? 

Then you would genuinely appreciate the innovatively incredible exclusive deals and discounts from the POSB PAssion Card! You get a reward for the money you’ve spent!

Isn’t that a sweet deal?

Fact 6: THE POSB Everyday Card

Another banking service breakthrough that POSB Bank Singapore grants its customers is the POSB Everyday Card. 

What does it do?

Well, it’s a nifty cashback card that provides rebates for daily essentials. You spend money but get back money in return – who wouldn’t love that?

Fact 7: POSB Bank Singapore: The Internet Banking Trailblazer

Singapore was already a strong host to the banking industry since the 19th century. As a result, every development that promises better banking services and transactions is integrated.

POSB Bank Singapore understood the needs of their customers, particularly with the demand for Internet banking. To satisfy such a necessity, POSB trailblazed services that may be accessible with the internet and, significantly, the digibank online. 

Gone are the days when long queues greet you. Now, with POSB Internet banking, you attain the simple, secure, and most convenient approach to managing your finances while on the go!

Fact 8: POSB Bank Singapore’s Community Initiatives

Do you prefer a bank that’s only to serve your banking services? 

Or would you instead choose a bank that also has community initiatives?

Well, isn’t it great that POSB has both?

The bank has immense outreach programs which focus on the following:

  • Sustainability
  • Social Responsibility
  • Save As You Serve (SAYS) Programme
  • Smart Buddy
  • Smart Senior Pilot Programme
  • Services for Work Permit Holders
  • 75% eStatements vs Paper Statements
  • Eco-friendly approaches

With a bank that shows it cares beyond banking, you can attest its commitment to the community is beyond genuine.

A Test of Time, Unceasing Triumphant Climb

It’s undeniable that POSB Bank Singapore stood the test of time. The bank adapted, evolved, and adopted changing customer needs and advancements. Thus, whether it’s a personal loan, savings account, or credit card, POSB has your back.

However, with personal loans, you must consider all your options. 

Take Accredit, Singapore’s credible, trusted, and customer-focused licensed moneylender. It offers interest rates and appealing loan packages under the Ministry of Law’s Moneylenders Act.

So, why not give Accredit a look when you need a personal loan?

Ultimately, whether you choose a licensed moneylender, POSB Bank, or any other financial institution, the primary key is making a conscious decision. After all, your financial health is paramount to leave to chance. 
Remember, “we are all neighbours”.

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